Even with the recent slowing in the economy, unemployment continues to hover near record lows. Most employers know that keeping their employees is one of the easiest and most effective ways to cut costs —hiring a replacement can cost up to half the employee’s annual salary. So how do you keep turnover to an absolute minimum? Finding the right person to fit the bill is your first step, of course, something the Omnia Profile ® can help you do quickly and effectively.
But finding a candidate who’s well suited to your needs is just the first task. According to a recent survey done by Development Dimensions International (DDI) of Bridgeville, Pa., some employers may miss the mark when it comes to knowing exactly what it is that motivates employees to stay in a job. Believe it or not, money—which HR managers placed as the top retention tool— wasn’t first on the list. Instead, employees said that issues like work/home balance, finding meaning in their work, trust, and good relationships were what they really want out of their jobs.
The study clearly demonstrated that what employees value in their work can often be very different from what their bosses think they value. With that in mind, The Society of Human Resource professionals recently gave the following suggestions for improving employee retention:
*Allow employees to develop additional job skills. Provide continuing training or educational reimbursement.
*Make work meaningful and challenging. Adding increased responsibilities demonstrates trust.
*Actively work to improve employee morale by, among other things, holding managers accountable for treating employees with respect.
*Pay competitive wages, but don’t overdo it. Most people won’t stay at a job they’re unhappy in, no matter how well they’re paid.
*Reward your employees for their performances and efforts.
*Beef up your benefits, particularly retirement and health plans.
*Head off potential problems at the pass by encouraging open communication.
We’d like to know the creative methods you use to retain valued employees. Reply to this article to share your ideas.
